If I have been named the trustee, should I seek legal counsel?
Minneapolis, MN estate planning attorney Cameron R. Kelly talks about whether or not one should seek legal counsel if they have been named the trustee for a trust.
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I think that it’s a good idea. Being a trustee there are a lot of obligations that you wouldn’t just intuitively know about from every day experience. And so if I’m set into that role I would want to know about those obligations to make sure that something isn’t going to come back to bite me later. And so the beneficiaries if they don’t like the actions that the trustee is taking, which does happen can come and sue the trustee for mismanaging the trust’s assets or for doing something that maybe is prohibited by the statutes. I think that getting that advice early on and knowing how to manage the trust property is a really good idea.